Segnalazione dalla BCE-ECB

(...) the latest issue (No. 109) of the ECB Research Bulletin, (is) entitled “Carbon trade-offs: how firms respond to emission controls”.

Maria Cecilia Bustamante (University of Maryland) and Francesca Zucchi (Directorate General Research, European Central Bank) set out a unified approach to  studying the trade-offs posed by carbon pricing for firms. Their model shows that although carbon pricing curtails firms’ carbon emissions, polluting firms tilt their green investment mix towards more immediate yet short-lived options as it becomes costlier to comply. Under emissions trading systems, larger balances of carbon credits dampen firms’ efforts to reduce their carbon emissions. The analysis reveals that carbon regulation does not necessarily decrease shareholder value if firms are sufficiently committed to reducing their carbon footprint.

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem. (...)